Homeowners and Renters: Fannie Mae Offers Mortgage Assistance and Disaster Relief Options
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) reminds homeowners and renters affected by disasters of the mortgage assistance and disaster relief options available as we enter the hurricane and wildfire seasons, including events like Hurricane Beryl and California wildfires. Mortgage servicers are also reminded of their responsibilities to assist homeowners according to Fannie Mae’s guidelines during these times.
“As we approach what is expected to be a significant hurricane season, we urge homeowners, renters, and mortgage servicers to familiarize themselves with Fannie Mae’s disaster relief resources,” said Cyndi Danko, Senior Vice President and Chief Credit Officer, Single-Family, Fannie Mae. “The well-being of those impacted by disasters is our top priority. By understanding their options in advance, individuals can gain peace of mind and focus on their safety and recovery. Both homeowners and renters can access personalized support by reaching out to Fannie Mae’s free counseling services.”
Homeowners and renters can call 855-HERE2HELP (855-437-3243) for disaster recovery counseling or visit the Fannie Mae website for more details.
Fannie Mae’s Guidelines for Single-Family Mortgages Impacted by Disasters:
- Homeowners can request mortgage assistance by contacting their mortgage servicer (the company listed on their mortgage statement) after a disaster.
- Affected homeowners may qualify to reduce or suspend mortgage payments for up to 12 months through a forbearance plan with their mortgage servicer, during which no late fees will be charged, and foreclosure and other legal proceedings are paused.
- If contact with the homeowner has not been established, mortgage servicers can offer a forbearance plan for up to 90 days if the home is believed to be affected by a disaster.
- After a forbearance plan, various options are available to help homeowners resolve delinquencies without a lump sum payment, including Disaster Payment Deferral and Fannie Mae Flex Modification.
- Homeowners on a COVID-19-related forbearance plan who are subsequently affected by a disaster may still be eligible for assistance and should contact their mortgage servicer to explore their options.
Homeowners and renters seeking disaster recovery resources can visit the Fannie Mae website for information on immediate needs and broader financial effects. Free disaster recovery counseling is available at 855-HERE2HELP (855-437-3243), provided by U.S. Department of Housing and Urban Development-approved housing counselors trained in disaster recovery. They offer:
- A needs assessment and personalized recovery plan.
- Assistance in requesting financial relief from FEMA, insurance, and other sources.
- Ongoing guidance and web resources for up to 18 months.
- Services available in multiple languages.
For more information, read the original press release from: https://www.fanniemae.com/newsroom/fannie-mae-news/disaster-relief-options-reminder